Company Regislration No. N1018685 (Northern Ireland) Charity Number NIC 101640 DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED COMPANY INFORMATION Dlrectors MR JOHN NOBLE MR ROBERT GAROINER MR THOMAS BODEL MR DAVID CRONE MR MORGAN YOUNG MR MICHAEL BECKE MR JONATHAN KING MR NIALL KELLY MR CHRISTOPHER MCCAUSLAND (Appoinled 16 November 2024) Socrntary MR JOHN NOBLE company numb•r N1018685 Reglstered offlce THE RAILWAY STATION MARKET STREET DOWNPATRICK BT30 6LZ Accountants Norman Elliott Chartered Accountants 13 English Slreel Downpalrick Co Down Northern Ireland 8T30 6A8 8usIn￿l address THE RAILWAY STATION MARKET STREET DOWNPATRICK B T30 6LZ DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED CONTENTS Page Directois, report Accountanls, report Income and expendilure accounl BalancE sheet Noles to Ihe financial sta￿MentS DOWNPATRICKAND COUNTY DOWN RAILWAY SOCIETY LIMITED DIRECTORS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their annual report and financial statemonts for the year ended 31 December 2024. Prlncipal acllvltles The principal activity of the company continued to be that ol developing and preserving a working 8leam railway museum and promoting the heritage of Ihe local railway. Director• The directors who held office during the year and up lo the date of signature of the financial statements were as follows.. MR JOHN NOBLE MR ROBERT GARDINER MR THOMAS BODEL MR DAVID CRONE MR IAN CROSS MR MORGAN YOUNG MR IAICHAEL BECKErr MR INNIS MENNIE MR JONATHAN KING MR NIALL KELLY MR CHRISTOPHER MCCAUSLANO (Resigned 16 November 2024) (Resigned 16 November 20241 (Appointod 16 November 2024) Charfty Number Charliy Number NIC 101640 Charlti•• SORP FRS102 These financial statemenls have been prepared in compllance with the provisions of the Charities Slatement of Recommended Practice (SORP) lor application of FRS 102 Section 1A 'The Flnancial Reporting Slandard applicable In the UK and Ireland,. Sm•ll ¢ompanl•# •x•mptlon This report has been prepared in a￿ordanCe wtth the provisions applicab18 to companies enlilled to the Small companies exemption. By order of Ihg board MR JOHN NOBLE Secretary Date.. DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED ACCOUNTANTS, REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2024 In accordance with the 8ngagèm8nt letter dated 28 February 2020. and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial stalements of the company for the year ended 31 Decembei 2024 which comprise the income and expenditure account, the balance sheet and the related notes from the accounting records and information and explanalions you have given to us. A$ a practising member firm of the Institute of Chartered Accountsnts in Ireland, we are subject lo ils ethical and other professional requirements which are detailed at https:Ilwww,charteredaccountants,ielProfessional-Slandardsl Home. This report is made solely to the company's board of diredors. as a body, in accordanca with the tenns of our engagement, Our work has been undertaken so that we might Compile the financial statements that we have been engaged lo compile. report to the company'$ board of directors that we have don8 so. and stale those matters that w8 have agr88d to state to them in this report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyono other than the company and the company's board of directors, as a body, for oui w￿k or for this report. You have acknowledged on the balance sheet for th8 y8ar ended 31 08cember 2024 your duty lo ensure that the company has kepl proper accounting records and to prepare financial $lalemenl$ Ihal give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year. We have not been Instructed to ¢arry out an audlt of the financial $latemonl$ of DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED, For this ￿aSOn, wa have not verified the accuracy or completeness of the accountin9 records or information and explanations you have given to us and we do not, therefore. express any opinlon on the financial statement6, Nomian Elllott Chart•rèd Accountants Charte￿d Accountants 13 English Street Downpatrick Co Down BT30 6AB Northe Date.. land DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 In¢om• Cost of sales 505,209 {125,315) 284,681 (50,1731 Gross surplus 379,894 234,508 Adminislrative expense8 (99,120) (110,923) 0￿ratIng •urplu• 280,774 123.585 Interest recelvable and similar income 12,145 4,854 Surplus b•fore taxation 292.919 128.239 Tax on suiplus Surplu8 lor th• finanGlal year 292.919 128,239 The income and expenditur• account has been prepared on the basss that all operalions are continuing operalions, DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets 382.409 432,982 Curront assets Stocks Oeblors Cash al bank and in hand 4,250 10,481 736,362 4,250 5,405 397,946 751.093 407.601 Credltor•: amount8 falllng due wlthln on• y•ar (1,470) (1,470) N•t current assets 749,623 408.131 N•t a88•t• 1,132,032 839,113 Reserves Income and expendilure account 1,132,032 839,113 Total membor•' funds 1,132,032 839,113 For the financial year ended 31 December 2024 the company was entitled to exemption from audll under secllon 477 of Ihe Companies Acl 2006 relating to small companies. The members have not required the company to obtain an audll of ils financial statements for the yegr in question in accordance wilh seclion 478. The directors acknowledge their re$F￿nsibIlitiaS for complying wlth th8 requlfemenls of the Companles Act 2006 with respect lo accounting records and Ihe preparation of financial stalements. These financial statements have been prepared In accordance wlth the prov¢sion8 applicable lo companies subject lo the small companies regime. The financlal stalemonls were approved by the board of directors and aulhorised for issue o are sign on its behalf by.. and ROBER Dlrecto NER Company regislration number N1018685 {North8rn Ireland) DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Company InfornMtion DOWNPATRICK AND COUNTY DOIAN RAILWAY SOCIETY LIMITED is a private company limited by guarantee incorporated in Northefn Ireland. The registered office is THE RAILWAY STATION, MARKET STREET, DOWNPATRICK, BT30 811. 1.1 Ae¢ountlng conventlon These financial slatements have been prepared in accordance wilh FRS 102 "The Financial Reportin9 Standard applicable in the UK and Republic of Ireland" ('FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subjecl to the small compani&s regime. The disclosure Tequirements of sectlon 1A of FRS 102 have been applied olher Ihan where additional disclosure is required to show a true and fair view. The financial statements are prepared in slerfing. whlch is the funcllonal Cufiency of the cornpany. Monetary amounts in these financial slalements are foundad to the nearest £. The financial Slatements hava been piepared under the hislorical cosl convenlion, [modified to include the revaluation of freehold propèrties and to include Investment PTopertle8 and certain financial instruments al fair value]. The principal accounting policies adopted are sel out below. 1.2 In¢om• •nd •xpendlture Income and expensés are included in the Ilnancial statements as they become receivable or due. Expenses indude VAT vthere applicable as the company cannot roclaim il. 1.3 Tanglbl• flxod 8880ts Tangible fixed assets are initially measured at Cost and subsequenlty meaSu￿d at cost or valuatlon. nel of depreciation and any impaiTrnent10888s. Depreciation is recognised so as to wrlte off the cost or valuation of assets less thelr residual values over their useful lives on the followlng ba5es'. Freehold land and buildlngs Plant and equipmenl Fixtures and fittings 40A Straight Line 25% Reduang 8alance 25% Reducing 8alance The gain or10s3 arising on Ihe disposal of an asset is d81onnined as the difference belw8en the sale proceeds and th8 carrying value of Ihe assel, and 18 credited or charged to surplus or deficit. 1.4 Impalmi•nt of flx•d assets At each reporting period end dale, the ct)mpany reviews the carrying amounts of its tangible assets lo determine wheth8r there is any indicalion that those assets have suffered an impairmenl loss. If any such indication exi51s. Ihe recoverable amount of Ihe asset is estimated in order lo determine the exlent of the impairment loss (if any), Where il 1$ not possible to estimat8 the recoverable amount of an individual asset, th8 company estimates Ihe recoverable amount ol the cash-generating unit to which the asset belongs. DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnugdl Recoverable amount is the higher of fair value less costs to sell and value in usa. In assessing value in use. the estimated fulure cash flows are discounted to their present value using a pre-tax discounl rate that reflects Currenl market assessments of the tlme value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If th8 recoverable amounl of an ass81 (or cash-98n8rating unit) is estimated to be less Ihan its Carrying amount, the carrying amount of the asset {or cash-generaling unit) is reduced to ils recoverable amounl. An impairment loss is recognised immodialely in surplus or deficit, unless the relevant asset is Carried al a revalued amounl, in which case the impairmenl105S is treated as a revalualion decrease. Recognised impairment losses are reversed if. and onty rf, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the Carrying amounl of the asset (or cash-generating unit)18 incfea8ed lo the revised esllmale of Ils recoverable amount. but so thal the increased carrying amount does not exceed Ihe carrying amount that would hav8 been determined had no impairmenl loss been recognised for Ihe asset (or ¢ash-gen8ratlng unil) in prior years. A reversal of an impairmenl loss is recognised immediately in surplus or defKil, unless the relevant asset is carried at a revalued amount, in whkh case Ihe reversal of the impairment loss Is treated as a revaluation increase. 1.S Stocks Slocks are stated at the lower of cost and estimated selllng price less cosls to complete and sell. Cost comprises direct materials and, where applicable, dired labour cosls and those overheads that have been Incurred In bringing the stocks to their present location and condltion, Stock$ held for distribution at no or nominal consKleration aro measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. At each reporting date, an a$ses$menl is made for Impairmenl. Any excess of the carrying amounl of stocks over ils estimated selling price less ¢osls lo complete and sell is recognised as an impairment1055 in profil or loss, Reversals of impairment losses are also recognised ID profit or loss. 1.6 Ca$h Ind ¢ash •qulval•nts Cash and cash equivalenls are basic financial assets and indude cash in hand, deposits held al call with banks, other short-term IiquKI investments with original malurllies of Ihree monlhs or les8. and bank overdrafts. Bank overdrafts are shown within borrowings in currenl Iiabllities. 1.7 Flnancial In$trumonts The company has elecled to apply the provisions of Section 11 '8asic Financlal Inslruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised In the companls balance sheet when the company becornes party to the contractual provisions of the Instrument. Financial assets and liabilitie$ are offset, with the nel amounts presented in the financial slalements. when there Is a legauy enforceable right Io s61 off the recognised amounts arKI there is an intenlion to settle on a net basis or to realise the asset and settle Ihe liability simultaneously. 8aslc Ilnanclal ass•ts Basic financlal assets, which include debtors and cash and bank balances, are inilially measured at Iransaction price induding Iransaclion cost5 and are subsequently carried at amortised cost using the effective interesl melhod unl8ss the arrangemenl CA)nstitut8s a financing Iransa¢tion. where the transaction is measured al the piesenl value of the future receipts di￿Oun¢ed at a market fate ol interest. Financial assets classified as receivable within one year are not amortised. DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ountlng pollcies Icontlnuod) Classlllcatlon of financlal Ilabllltles Flnancial Ilabllilies and equity instruments aTe dassified according to the substance of Ihe contractU81 arrangements enlered into. An equity instrum8nl is any contract thal evidences a residual interest in the assets of the company after deducting all of rts liabilities. Basle Ilnanclal Ilabllltles Basic financial liabilities, including creditors, bank loans. loans from fellow group companies and pr6ference shares that are classified as debt. are initially recognised at transaction price unless the arrangement constitutes a financing Iransaclion, where the debl instwmenl is measured at the presenl value of th8 future payments dlscounled at a market rate of interesl, Flnancial liabilities classified as payab18 Within on8 year are not amortised. Debt Instruments are subsequently carried at amortised cost, uslng the effective interest rate method. Trade creditois are obligalions lo pay for goods ow services that have been acquired In the ordinary course of business from suppli8fS. Amounts payable are classifted as current liabilities if payment is due within one yaar or less. If nol, Ihey aro presented as non-currenl Ilabilllies. Trade credilors are recognised initially al transadion price and subsequently measured al amortised cost using the effeclive interest melhod. 1.8 T4xatlon The company is exempl from corporation lax, il being a company not carrying on a business for the purposes of making a profil. 1.9 Employ•e benellts The costs of short-term employee benefits are iecognlsed as a liability and an expense, unless those costs are requlred to be recogni$ed as part ol the cosl of stock or fixed assets. The cost of any unused holiday entitlement 18 recognised in Ihe perlod in which the èmploye•'s seNices are received. Terminalion benefils are racogni$ed Immediatety as an expanse when the company Is demonstrabty committed to temiinale Ihe employment of an employee or to provld• lermination ban8fits. 1.10 For•lgn exchang• Transactions in currencies other than pounds sl8rling are ￿Corded at th8 rates of exchange prevailing al Ihe dates of Ihe transadions. At each reporting end dale, monetary assets and liabllitles that are denominaled In foreign cuirencies are relranslaled at the rales prevailing on the reporting end dale. Gains and losses arising on translalion in the period are included in profit or loss. Judgoments and key sour￿$ of •stlm4tlon uncertalnty In the application of Ihe company's accountlng pdicies. Ihe direclors are required to make judgements, estimales and assumptions about the carrying amount of assets and liabililies that are not ieadity appaient from other sources. The estlmates and associated assumplions are based on hislorical experience and other faciors that are considered to be relevant. Actual results may differ from these estimates. The estimales and underlying assumptions are revi8wed on an ongoing basls. Revisions to accounting estlmates are recognised in the period in which Ihe eslimate is revised where Ihe revision affects only that period, or in the period of the revision and futur8 pèriods where the revision affects both current and future periods. DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees The average monthly number of persons {induding directors) employed by Ihe company during the year was.. 2024 Numb•r 2023 Number Tanglble flxed assets Land and Plant and bulldlngs machlnery etc Totsl Cost Al 1 January 2024 and 31 December 2024 580.025 289.518 869,543 D•pr•¢latlon and Impainn•nt Al 1 January 2024 Deprecialion charged in the year 256.533 23,201 180,028 27,372 436.561 50,573 At 310ecember 2024 279.734 207,400 487,134 Carylng amount At 31 D8cemb8f 2024 300,291 82,118 382,409 Al 31 December 2023 323,492 109,490 432,982 D•btor8 2024 2023 Amounts falllng due wlthln on• y•ar: Other debtor8 10.481 5,405 Creditorn: amounts falllng due wlthln one year 2024 2023 Olher creditors 1,470 1.470 DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Mombers. Ilablllty The company is limited by guafantee, not having a share capital and consequently the liability of members is limited, subject lo an undertaking by each member to contributè to th8 net ass8ts or liabilitEs of the company on winding up such amounts as may be required not exceeding £1.